It was ranked alongside Russia, India and China as an emerging global economic powerhouse but now the pillaging of Brazil’s natural resources, corruption at the highest levels and a crippling drought is threatening that status

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In the latest of Pope Francis’ sweeping reforms to Vatican finances, he has appointed a new board to the scandal-plagued Vatican Bank (IOR) with French financier Jean-Baptiste de Franssu as president.

The outgoing president, German industrialist Ernst von Freyberg, who was appointed by Pope Benedict XVI in one of his final acts as pope, said the IOR had completed the first phase of its reforms, investigating all of its clients and has now “created transparency”.

The IOR are closing more than 3,000 suspect or inactive accounts and had terminated more than 300 customer relationships after deeming that they did not have the criteria to hold an account at the bank, he said.